Mondamin, Iowa Property Taxes
The median property tax rate in Mondamin, IA is 1.00%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Mondamin, the typical annual property tax bill reaches $1,545, which is below the national median of $2,690. Property taxes in Mondamin are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions, such as those for primary residences and agricultural land. Understanding Mondamin's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Mondamin or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mondamin, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$1,524
$1,414
Ownwell’s Mondamin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mondamin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mondamin to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Mondamin, Iowa
Property taxes in Mondamin, Iowa, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Mondamin is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within Mondamin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mondamin estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Mondamin's effective property tax rate to other areas in Iowa and the national median. For comparison, the zip code 51557 has both the highest and lowest median property tax rate of 1.00%. Understanding how these rates compare with Mondamin provides valuable insights into the varying tax landscape across Harrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mondamin Tax Rate
1.00%
Average Harrison County Tax Rate
1.29%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mondamin, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51557 | 0.88% | 0.93% | 1.00% | 1.12% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Mondamin, Iowa
In Mondamin, Iowa, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Harrison County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Mondamin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Mondamin are both $1,545, with the zip code 51557.
Average Mondamin Assessed Value
$152,400
Average Harrison County Assessed Value
$150,125
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mondamin, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51557 | $32,776 | $83,590 | $152,400 | $239,030 | $341,144 |
Source: Ownwell
Property Tax Bills Across Mondamin, Iowa
In Mondamin, located in Harrison County, IA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property's market value. Once assessed, the local tax rate is applied to this value to calculate the annual tax bill. The national median property tax rate is 0.99%, which provides a benchmark for comparison. Several factors influence the tax bill, including property size, location, and market trends. For instance, the median home price in Mondamin is $152,400. Homeowners can expect their tax bills to vary significantly, with the 25th percentile tax bill at $875 and the 75th percentile at $2324. At the higher end, the 90th percentile tax bill reaches $3311. These taxes play a crucial role in funding local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Mondamin Tax Bill
$1,545
Average Harrison County Tax Bill
$1,959
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Mondamin, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 51557 | $331 | $875 | $1,545 | $2,324 | $3,311 |
Source: Ownwell